Neptune Networks Ltd., the fixed income market network for pre-trade indications, announced today the completion of connectivity to FlexTRADER, FlexTrade’s buy-side EMS platform, in order to distribute high quality, pre-trade data to assist investors with liquidity and price discovery within existing workflows.
Neptune’s platform has 22 dealers totalling over $110bn of gross notional and more than 20,000 axe/inventory items updating real time across 11,000 individual bonds – these include Investment Grade, High Yield, Emerging Markets and select Rates from 20 different denominations. The partnership with FlexTrade is part of Neptune’s strategy to expand from its original focus on European corporate bonds to a more global portfolio that suits its user base.
Matthew York, Product Owner of Fixed Income at FlexTrade, said: “Quality, targeted pre-trade indications are a key component to assist buy-side traders in implementing their desired execution policy. Using this information in pre-trade venue selection along with recording the available data throughout the order and execution lifecycle will aid dealers in fulfilling their best execution requirements. The standardised, commoditised delivery mechanism Neptune employs allows this to be integrated into FlexTRADER in an efficient and cost effective way.”
Grant Wilson, CEO at Neptune Networks Ltd, also commented: “We are pleased to have our latest EMS connected to Neptune and we look forward to partnering with further providers in the coming weeks and months as we continue to expand access to the platform. Enhancing the flow of electronic pre-trade information has been a focus of market participants for many years. For Neptune to have achieved such a significant amount of aggregated liquidity from market leading institutions in a relatively short period is testament both to our core principles of standardisation and to the tremendous support we have had from banks and asset managers who have collaborated closely with us and each other, to create an open standard, technology-based, non-profit utility.”
Byron Cooper-Fogarty, Head of Sales at Neptune Networks Ltd, added: “Connectivity to an EMS vendor such as FlexTrade is precisely what our buy-side clients are seeking from Neptune. It provides the ability to consume an aggregated feed of the highest quality bond axes, which in turn allows them to be more targeted in their enquiries for large size bond execution. As the EMS becomes a more important part of fixed income, we are well placed to serve our clients with minimal disruption to their workflow.”
Neptune’s commoditized and open standard FIX network allows banks and investors to exchange-controlled and targeted real-time axe and inventory using a robust data governance model. Its technology is focused in enabling greater transparency of trading interests between both sides of the bond market – usually banks and investors such as asset managers – and minimizes unintended information leakage.
Asset managers can connect to the sell-side via any combination of the Neptune GUY, proprietary OMS/EMS or OMS/EMS providers such as FlexTrade. Many different options ensure real-time, pre-trade indications from multiple banks through an integrated single connection.
It is Neptune’s core principle to enhance the quality of the data as the network grows, combining data ownership, open-standard technology and collaboration so that the sell-side delivers the highest quality, structured data to their clients.